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Louisiana Foreclosure Law
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes |
In Louisiana, lenders may foreclose
on a mortgage in default by using the judicial foreclosure process.
Judicial Foreclosure
There are two types of judicial foreclosure proceedings in Louisiana,
executory and ordinary process.
The executory process takes place when the lender uses a mortgage that
includes an "authentic act that imparts a confession of judgment", as
provided in the Louisiana statutes. Essentially, this means the borrower
signed and acknowledged the obligations of the mortgage in the presence
of a notary public and two witnesses. This type of mortgage makes the
foreclosure process easier for the lender because once the suit has
been filed and the original note and a certified copy of the mortgage
has been provided, the court will issue an order for the process to
begin.
Once ordered, the borrower must be then be served with a demand for
the delinquent payments. The borrower has three (3) days to provide
the delinquent payments or the court will order a writ of seizure and
sale and the property will be sold after proper notice has been advertised
for thirty (30) days.
Lenders may also sue to obtain a deficiency judgment, but buyers have
no rights of redemption.
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